Have you experienced a sudden Covid-19 job loss? Unemployment is one of the most obvious economic consequences of the coronavirus lockdown. The United States, the United Kingdom, and many other parts of the world have recorded a significant rise in unemployment due to a Covid-19 job loss. This is despite the relative economic stability they have achieved in recent times.
According to Pew Research,15 percent of all American adults experienced a Covid-19 job loss shortly after the start of the coronavirus pandemic. Many of these people have been unable to find suitable employment related lockdown.
What do you do if you find yourself in this stressful situation? This article lists ways you can save money and make changes to help you overcome a Covid-19 job loss and get back on your feet.
Table of Contents
Five Steps to Recover from a Covid-19 Job Loss
Step One: Cut Down on Monthly Expenses
The first rational thing to do after you lose your job due to Covid-19 pandemic is to cut down on your monthly expenses. If you no longer have a steady source of income, it would be wise to review the monthly expenses of you and members of your household. Start by reducing the amount of money spent on recreational activities such as eating out, and focus on non-discretionary bills like food, rent, and utility bills.
If you live in an overpriced neighborhood, you might want to consider relocating to a more affordable place. However, relocating isn’t a decision you should take drastically. You should also make your home more eco-friendly to cut down on the utility bills.
You can wear a jacket in the house and reduce the use of a heater. Buy store brand products versus national brands, which can be as much as 50% cheaper.
Step Two: Tap Into Your Savings
People who had money saved up before they had to stop working didn’t panic much after the Covid-19 lockdown. If you have money saved for emergencies, this is the best time to use it. While you’re tapping into your savings, remember to be discreet. The goal is to live off what you’ve saved while you look for a new source of income. It is also better than borrowing money and incurring debt.
Make a list of expenses, to preserve your cash so you can determine which expenses to forgo until the pandemic is over, and you can find gainful employment.
Unfortunately, thousands of Americans were living from paycheck to paycheck before the pandemic started. What do you do if you don’t have the recommended 6 months of money saved up for emergencies? You apply for unemployment benefits. Many school districts are providing low-cost or free meals to kids and families. This can be a great way to save money while you feed your family.
Step Three: Apply for Unemployment Benefits
As stated above, not everyone has a pile of cash saved up for emergencies. Whether you have savings or not, you must apply for unemployment benefits after you lose your job.
This step is especially important if you do not know when you will resume work or have no idea when a new job opportunity will present itself.
If you work in the United States, you may qualify for unemployment due to Covid-19. People who lost their jobs due to the Covid-19 pandemic are eligible for up to 39 weeks of unemployment benefits in the United States.
This offers 13 more weeks of benefits compared to what states paid out before the pandemic. The amount you receive might not be as high as your regular salary, but it may be enough to get you by, and can help you get you going for the time.
Step 4: Learn a New Skill
Applying for unemployment and taking from your savings are only temporary solutions. If you want a more permanent option, consider learning a new skill with the extra time you have. One of the fastest skills to learn is coding. There are many jobs that require coding, but don’t require a college degree. You can HTML coding online, or example.
You can search for reliable coding bootcamps online or click here for a list of some of the best online coding bootcamps. Coding is among the most resilient skills amid the Covid-19 pandemic.
While coding is the broad term, coders can be web developers and web designers, among other professions. There are many remote job opportunities for coders across the globe.
Step Five: Build Your IT Skills
The Covid-19 pandemic has helped companies find a new appreciation for remote work. Apps like ClickUp, Zoom, and Trello have made billions because of the increased demand for remote work.
Brushing up on your computer skills, software skills, and other technical skills will help boost your resume now more than ever.
You can pick up software skills from the comfort of your home and at an affordable price. Some websites offer free software training for beginners. Look for a course that suits your needs and start learning right away.
The job losses due to Covid-19 coronavirus pandemic has no doubt led to a significant level of unemployment across the globe. Even if the stock markets have bounced back, individuals are still trying to recover financially. You don’t need to wait for things to get better. You can actively improve your skills in your spare time.
Ufuoma Nora Ogono is a full-time freelance writer with over 4 years of experience in the industry. Over the years, she has produced high-quality content for Smartereum.com, Hemecine.com, and many other reputable websites.